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Things only seem to be getting worse for MySpace. Amid reports that the troubled social network is for sale by parent company News Corp., MySpace has just announced massive layoffs at the company. According to PaidContent, MySpace has cut 47 percent of its staff or nearly 500 employees.

Apparently, CEO Mike Jones said the cuts were necessary to “provide the company with a clear path for sustained growth and profitability.” On a side note, that could be the most-used sentence in press releases announcing massive layoffs.

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Crunchbase

OverviewMySpace is one of the world's largest social networks, with about 125 million users. Originally inspired by [Friendster](http://www.crunchbase.com/company/friendster), MySpace quickly grew to become the world's largest social network, before being overtaken by [Facebook](http://www.crunchbase.com/company/facebook). User pages are highly customizable and support integration with widgets such as [Slide](http://www.crunchbase.com/company/slide) …